Gold Prices Advance Modestly on Week, Bullion Silver Coins Top 7.4M

by Bullion Prices Staff on February 11, 2011

U.S. bullion prices closed lower Friday but gold and silver maintained enough momentum earlier in the week to finish with weekly gains — a modest 0.8% for gold and a solid 3.2% for silver. Both metals have risen for three consecutive weeks

The direction of the U.S. dollar and turmoil in Egypt led pricing action much of the week. News that Egyptian President Hosni Mubarak stepped down was cited as a major factor in cutting into safe-haven demand for gold on Friday.

"The geopolitical risk and the incentive to buy gold on the back of that are probably reduced," Hayden Atkins, an analyst at Macquarie was quoted on Reuters in response to Mubarak’s resignation. "Tension will still be simmering, but it won’t be as big a news story for people to trade off."

April gold futures prices settled to $1,360.40 an ounce for a loss of $2.10, or 0.2%, on the Comex division of the New York Mercantile Exchange. Its lowest point of the day was $1,354.30 an ounce. It reached as high as $1,369.70 an ounce. Gold is down this year by 4.3%.

March silver pricesĀ settled to $29.995 an ounce, registering a daily loss of 9.9 cents, or 0.3%. Silver has fallen 3% this year.

In PGM futures prices, March palladium ended down $6.20, 0.8%, to $814.70 an ounce and April platinum prices fell $17.30, or 0.9%, to settle at $1,813.50 an ounce. Both metals, unlike gold and silver, declined this week. Platinum dropped the most at 1.7%. Palladium dipped 0.2%. However, for the year platinum is up 2% and palladium is up 1.4%.

Bullion American Eagle coins climbed higher Friday, adding to their weekly gains. U.S. Mint figures show 1-ounce Gold Eagle bullion coins improved 12,500 over Thursday and enjoyed a 7-day increase of 25,500. Silver Eagle bullion coins picked-up 49,500 for the day and 860,000 over the last seven days. The silver coins are just over 7.4 million for the year.

For an overview of recent U.S. Mint bullion and numismatic coin sales, check out the article Army Commemorative Coins Start.

Daily, February and 2011 bullion coin sales figures follow:

2011 U.S. Mint Bullion Coin Sales
1 oz American Gold Eagle 38,500 25,500 168,500
1/2 oz American Gold Eagle 0 0 1,000
1/4 oz American Gold Eagle 2,000 0 4,000
1/10 oz American Gold Eagle 5,000 0 25,000
American Silver Eagle 986,500 860,000 7,408,500

Figures above are in coins, not ounces sold.

In earlier fixed PM London bullion prices, gold was $1,364 an ounce which was lower by $1, or 0.1%, from the previous PM Fix. London gold gained 0.7% for the week.

The silver Fix was $30 an ounce for a daily loss of 22 cents, or 0.7%. It surged 3.8% this week, however.

London palladium came in at $822 an ounce. That was lower by $13, or 1.6%, from the Thursday PM price. Palladium gained 1.1% for the week.

London platinum fell for the day and for the week. Its PM fixing was $1,829 an ounce for a daily loss of $29, or 1.6%, and a weekly loss of 0.5%.

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